SUBJECT/RECOMMENDATION:
Title
Approve an Agreement for Development, Purchase, and Sale of Property between the City of Clearwater Community Redevelopment Agency and BDP Development Partners LLC for seven Community Redevelopment Agency-owned parcels located between South Martin Luther King Jr. Avenue and South Washington Avenue, north of Gould Street; and authorize the appropriate officials to execute all documents necessary to effectuate closing.
Body
SUMMARY:
On January 14, 2026 and pursuant to Section 163.380, Florida Statutes, the City of Clearwater Community Redevelopment Agency (CRA) issued Request for Development Proposals No. 15-26 (RFDP) for the redevelopment of seven CRA-owned parcels located between South Martin Luther King Jr. Avenue and South Washington Avenue, north of Gould Street (collectively, the Property), within the Downtown Community Redevelopment Area (DTCRA).
On February 13, 2026, Archway Partners, LLC (Archway) submitted a proposal in response to the RFDP to redevelop the Property into a mixed-use, mixed-income residential and retail development with the primary component being a Low-Income Housing Tax Credit (LIHTC) project. Following the proposal evaluation process, on June 15, 2026, the CRA Board of Trustees authorized staff to negotiate an Agreement for Development, Purchase, and Sale of Property (Agreement) with the highest-ranked proposer, Archway.
Staff has completed negotiations and is presenting the Agreement for consideration to the CRA Board of Trustees. The Agreement is between the CRA and BDP Development Partners LLC (BDP), an affiliate of Archway. BDP was formed by Archway and its principals to acquire the Property as well as to develop and finance the project. The Agreement implements the DTCRA Plan by providing for the sale of the Property and development of the project in furtherance of the Community Redevelopment Act and the DTCRA Plan.
The Agreement provides for the sale of approximately 3.13 acres consisting of seven CRA-owned parcels for the appraised purchase price of $2,520,000.00. Staff submits that the purchase price is at a value determined to be in the public interest for uses in accordance with the DTCRA Plan as required by Section 163.380, Florida Statutes.
The Property will be conveyed via a special warranty deed if BDP satisfies the conditions precedent to closing, including obtaining the required development approvals and providing evidence of commitments for construction and permanent financing for the Initial Phase of the project. Closing shall occur no later than 60 days after the later of issuance of the Initial Phase building permits or 18 months after the Florida Housing Finance Corporation (FHFC) invites BDP into credit underwriting for the Initial Phase.
The project consists of a residential low-income housing tax credit development that may be constructed in one or more phases. Upon completion, the project will contain at least 178 affordable units and a minimum of 3,000 square feet of ground-floor commercial space. The Initial Phase of the project will consist of at least 75 affordable units.
The Agreement establishes a Project Schedule for the Initial Phase providing deadlines for BDP to obtain building permits, commence construction, obtain certificates of occupancy, begin pre-leasing, and complete leasing. Additionally, the Agreement also contains a deadline for completion of all 178 units. Recognizing the competitive nature and timing of affordable housing financing, the Agreement provides up to three administrative one-year extensions of these deadlines. If those extensions are exhausted, the CRA Board of Trustees may approve up to two additional one-year extensions. Further, the Agreement contains a right for the CRA to repurchase all or portions of the Property if BDP is unable to abide by the Project Schedule up and until certificate of occupancies are obtained.
Approval of this item will approve the Agreement and authorize the CRA Chairperson or his designee to execute those documents necessary to effectuate closing. The proposed redevelopment advances several goals, objectives, and policies contained within the DTCRA Plan, including, but not limited to:
• Encouraging redevelopment of underutilized and vacant properties within the Prospect Lake Character District.
• Supporting mixed-use and mixed-income residential development.
• Increasing housing opportunities within Downtown Clearwater.
• Supporting pedestrian-oriented urban infill development.
• Activating streetscapes and encouraging neighborhood-serving commercial uses.
• Leveraging public-private partnerships and external funding sources.
• Supporting redevelopment consistent with the vision, goals, and policies of the DTCRA Plan.
The proposal also generally supports the following DTCRA Plan goals and objectives:
People Goal - Downtown shall be a place that attracts residents, visitors, businesses, and enables the development of community.
Objective 1F - Allow for a variety of residential densities and housing types to provide for a range of affordability and mix of incomes.
Objective 1G - Continue to utilize incentives to encourage new residential uses Downtown.
Objective 2B - Strengthen pedestrian-oriented streets and active ground-floor uses.
Objective 3G - Create and activate spaces that promote economic growth for Downtown.
Objective 4A - Encourage redevelopment containing a variety of building forms and styles.
Objective 4B - Ensure redevelopment enhances the built environment.
Policy 10 - The CRA may evaluate participation with the private sector in land assembly to facilitate projects consistent with the DTCRA Plan.
Policy 12 - Support affordable housing and redevelopment funding opportunities.
Policy 18 - Incorporate pedestrian-scale elements that create an inviting pedestrian environment.
Prospect Lake Character District Vision - Encourage residential growth, mixed-use redevelopment, and reinvestment within the District.
STRATEGIC PRIORITY:
2.4 - Supports equitable housing programs that promote household stability and reduce the incidence of homelessness within Clearwater.
2.1 - Strengthen public-private initiatives that attract, develop, and retain diversified business sectors.
